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China: Stocks rise; property shares jump on policy support

Friday, March 27, 2015 - 16:04

Chinese stocks rose on Friday, capping a week of volatile trade, as property shares surged due to government support measures, while Beijing's move to relax foreign investment rules improved market sentiment.

PHOTO: REUTERS

[SHANGHAI] Chinese stocks rose on Friday, capping a week of volatile trade, as property shares surged due to government support measures, while Beijing's move to relax foreign investment rules improved market sentiment.

China's CSI300 real estate index jumped 3.9 per cent after state media reports that Beijing had issued notices urging local governments to support residents needing to improve their housing conditions, and reduce or even suspend land supply in cities where there was a surplus of housing.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.6 per cent, to 3,971.70, while the Shanghai Composite Index gained 0.3 per cent, to 3,691.10. On the week, both indexes were up about 2 per cent.